The hot topic for many people and businesses right now is passive income. What is passive income? It is work that you do once but that you continued to be paid for on a long-term basis. Today we see it in the market flooded with digital books, music, videos, etc., but passive income opportunities have been around for a long time as rental property. That sounds good, but what if you can’t write or sing and you cannot afford to buy your own home, let alone a home for renters to stay in? You can begin a portable water tank rental.
The short answer is… water. This may sound like a very shallow market but think for a moment about all the different uses for portable water.
You can use plastic tanks to store other things as well, but water is probably the most needed substance. Not all kinds of water are the same. Often water is used as a consumable. Drinking water is a big need. It can also be used for mobile cooking units.
Water can be stored and transported for cleaning purposes as well. This comes in many forms. Water is used for sanitary purposes such as portable bathrooms and showers. It is used to clean tools and equipment. Those same cooking units need water to wash dishes and cooking utensils as well as provide water for cooking. Water can also be used to clean larger things such as vehicles or even buildings.
Water is also used as a coolant. Many types of machines rely on water to keep their temperatures low enough to operate safely. When these types of machines are taken out on the road, they require mobile water tanks to keep their internal water tanks filled, or piped directly into the machines themselves. In places where there are fire hazards, it would be helpful to have a large tank of water on hand.
The last use of water tanks is agricultural. Farmers and professional gardeners will often use portable water tanks to help with irrigation purposes or sometimes to mix in plant nutrients or pesticides. Typically, professional farmers and gardeners will own their own tanks, since they use them regularly, but if they are traveling or transporting those plants, they may require a smaller, temporary water tank to keep their plants hydrated.
There is a long list of people who would be interested in renting portable water tanks. Those in the agricultural industry are always in need of plastic water tanks for plants, and even more often for livestock. If a farmer is taking large livestock to a fair, how will they ensure their horses or cattle are able to get water? They will need a large, portable water tank.
Speaking of fairs, large events always need portable water set up on a temporary basis. Every fair, concert or other outdoor convention are full of potential customers for renting portable water tanks for drinking water, cooking water, and cleaning purposes. These events can run anywhere from a few days to a month or longer. If there are traveling groups that attend multiple fairs or festivals, you may even get a renter for 3-6 months at a time. The key is finding clients that need plastic tanks for less than half a year and who have no desire or ability to store it during the off months so that it logistically makes more sense to rent rather than to own one themselves.
Many kinds of outdoor recreation have plenty of potential renters for your portable water tanks. In addition to the fairs, festivals, and concerts, which may require large water tanks, you could rent out slightly smaller tanks to campers going on vacations. Whether they are driving RVs or going for more primitive tent-camping possibilities, they will need water for drinking, cooking, and cleaning. Campsites that are open only seasonally may also need to rent plastic water tanks as well, especially if they have extra campers during certain weeks.
Recreation is just one sector that has a substantial investment in portable water tank rental. Another major industry that uses a lot of portable water supply is construction.
Construction crews work all year round in many different areas and often require water on site to help them work. They need water to drink, to clean, to use for sanitation purposes on their construction sites, and sometimes to mix concrete and other construction materials as well. Some construction sites are long-term and require large tanks to supply and support them. Smaller sites require smaller portable water tank rental opportunities. Road construction crews may need water in smaller tanks to provide hydration for their workers.
You can purchase a 500-gallon plastic water tank for under $700. Attached to a trailer or cart that can be pulled by a truck, this same tank can fetch $160 a day in rent and over $1000 at a discounted monthly rate. That means you can potentially pay off one tank and make a small profit within your first month of portable water tank rental service.
As another example, you can purchase a 150-gallon water tank for $225. Renting the tank alone you can make $18 per day, $44 per week, and $110 each month. As you can see, you will make more money from short-term rentals. You could make your money back in just over two monthly rentals, but at a daily rate, you could make your money back in 12 days.
Regardless of size, if you have a connection with potential customers, you can reasonably expect to begin making a profit as passive income within about a month of service.
Where can you find rental agreements? The most accessible place to search the web for other rental companies. Any legitimate company out there will have their own rental agreements you have to sign in order to obtain their services. Using that as a template is a great place to start, but it is recommended to have a business lawyer take a look at yours before putting it into use.
As you are considering storage options, you may want to think about having water access so that you can clean them between renters. Also, it may give you the option of charging extra for filling the tanks with water before giving them over to the renters.
One of the top marketing strategies today is called content marketing. If you can set up a blog and write useful tips on how to use water tanks, you will likely bring in many customers through your website. If you are not able or do not have the time to write this content, there are many companies you can purchase it from.
There is no guarantee on how large your business can grow. There is no precise timetable either. However, if you draw a 50-mile radius or other comfortable driving distance around your base of operations and then count the number of potential clients within that circle, that should give you a reasonable estimate of the initial capacity for your business.
Portable water tank rental is a great way to earn a little passive income, making it great for retirees or those also working traditional jobs. With a little bit of investment and a bit more work, you may even be able to grow a full-time business out of it. Take the time to research the clients you might have around you and the water tanks they need to get started.